Changuinola I Development Costs Increase by $100 Million

The cost of the hydroelectric project being undertaken by AES in Panama is estimated to increase due to the effects of flooding and higher land purchase prices.

The Changuinola I hydroelectric project, also known as Chan 75, will use the flow of the rivers Changuinola and Culubre to generate up to 223 MW of power, or 1,046 GWh per year. Panama's current energy capacity is up to 1,534 MW with annual production of 6,000 GWh. Hence Changuinola I will increase installed capacity by 15% and production by 18%.

The total investment required for the construction was initially estimated at $600 million but is now predicted to cost an additional $100 million. The plant is scheduled to become commercially operational by the third quarter of 2011.

Angel López Guía writing for Martesfinanciero.com comments that, "to date the project has provided jobs for 2,136 people of which 491 (70%) are from the province of Bocas del Toro.

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